Chicago, Jan. 26, 2024 (GLOBE NEWSWIRE) — The Cloud-Based Data Management Services Market size is expected to grow to USD 141.7 billion by 2028 from USD 40.2 billion in 2023 at a Compound Annual Growth Rate (CAGR) of 28.7% during the forecast period, according to a new report by MarketsandMarkets™.
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Cloud-Based Data Management Services Market Dynamics:
- Simplified data backup and disaster recovery
- Increase in demand for improved data usability and quality
- Growth in necessity for workplace collaboration
- Higher emphasis on business continuity
- Performance issues
- Lack of training and skill gap
- Demand for scalability, accessibility, and flexibility among businesses
- Growth in adoption of hybrid and multi-cloud environments
List of Key Players in Cloud-Based Data Management Services Market:
- Dell Technologies
The growing demand for integrated database management to tackle increased automation drives the global cloud-based data management services market during the forecast period.
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Based on service type, the quality-as-a-service segment is expected to grow at the highest CAGR during the forecast period. Quality-as-a-Service comprises data cleansing, data updating, standardization, and data de-duplication. In a data-driven world, an organization’s data quality has become critical to its success. As businesses increasingly rely on cloud platforms to store and manage their data, the need for high-quality data has grown exponentially. Poor-quality data can lead to many issues, including inaccurate decision-making, reduced productivity, and increased costs. Thus, organizations are opting for cloud-based data quality solutions with the rise in cloud data storage and significant demand for cloud integration solutions.
Based on deployment mode, the private cloud segment is expected to grow at a higher CAGR during the forecast period. Private cloud adoption in the cloud-based data management services market has been driven by the need for enhanced security, control, and customization, especially for organizations with sensitive data and regulatory compliance requirements. Companies such as IBM, VMware, and Microsoft provide private cloud solutions tailored for data management, offering dedicated resources, advanced security measures, and compliance support.
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Based on vertical, the BFSI vertical is to hold the largest market share in 2023. The adoption of cloud-based data management services in the banking, financial services, and insurance (BFSI) sector has become increasingly prevalent, marking a transformative shift in how financial institutions handle their data infrastructure. Major banks, such as JPMorgan Chase and Capital One, have been vocal about migrating to cloud platforms for improved data management and analytics. Capital One, for instance, has leveraged AWS for data storage and analytics to enhance customer experiences and drive innovation. Additionally, insurance companies such as Allianz have utilized cloud-based solutions to manage vast amounts of customer data efficiently, enabling faster claim processing and risk assessment. Cloud-based data management services offer agility, scalability, and cost-effectiveness; owing to such factors, organizations from the BFSI sector are increasingly adopting cloud-based data management services.
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